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TIANJIN, Oct. 23 (Xinhua) -- China has become Volvo's third largest market, with more of its car models to go on sale in the world's largest auto market this year, Chief Executive Office (CEO) of Volvo Cars China said in Tianjin.Dr. Alexander Klose, CEO of Volvo Cars China, told Xinhua at the Ninth Tianjin International Automobile Trade Show, being held from Friday to Wednesday.Klose said Volvo Cars had entered a new era of fast development, adding that its sales in China roared in 2010.As of the end of September, Volvo's global sales volume was up 12.5 percent year on year, compared with 52 percent year-on-year rise in China, he said.Volvo also aggressively expanded its dealer network to 98 outlets in 81 Chinese cities this year.Two new Volvo sales centers opened in Beijing within merely one week in early October, about two months after east China's Zhejiang Geely Holding Group Co. acquired the Swedish brand from the U.S. auto giant Ford for 1.5 billion U.S. dollars in early August.Dr. Klose said he was confident of seeing tremendous growth in China's auto market in the next five years."As the Chinese government has increased the tax rate for large displacement cars already, we now have a lot of cars below three liters, and I think we'll stick to that strategy, as you can see now the XC60 which was introduced today is just two liters," he said."As the technology advances, we'll probably even see 1.6 liter engines or 1.5 liter engines in the future," he added.Volvo Cars is not the only automaker hoping to take advantage of China's rapidly growing auto market.Bentley, the famous British luxury carmaker, will open a new sales center in China at Tianjin next Thursday, which is the 11th one in China, according to a press release by Shanghai-based Zenith Integrated Communications Corp. (Zenith) Saturday at the auto show.Zenith is the public relations agent of Bentley in China. The automaker has sold 421 limousines to China in 2009, and the goal for 2010 is 777, the release said.

BEIJING, Nov. 3 (Xinhua) -- China's banking regulator on Tuesday said the banking industry, pillar of the nation's financial system, has an important role to play in transforming the country's economic growth pattern as it highlighted four areas in boosting the process.Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission, on Tuesday urged more efforts be made by the nation's banking sector in expanding consumption-related loans amid the government calling to boost domestic consumption.More channels should be opened to meet the varied consumption needs from residents as financial support should lean on the construction of affordable housing. Loans to property developers who make small and medium-sized homes at medium and low prices should be met, but be restricted to them for speculative purposes, Jiang said.Also, the structure of bank credit should be further optimized in line with the restructuring of the nation's economy, Jiang said at an industrial forum held here Tuesday.This could mean polluting and energy-intensive companies may face more difficulties in obtaining loans from banks.Meanwhile, Jiang urged banks to improve their financial services in the rural areas in China as part of the coordinated development between the rural and urban areas.Further, Jiang said banks should work to improve the availability of financial support for small-sized companies and low-income residents.Jiang said total outstanding bank loans to small-sized companies stood at 7.1 trillion yuan (1.1 trillion U.S. dollars) by the end of September, an increase of 22.3 percent, or 1.3 trillion yuan, compared to the beginning of the year.The growth rate was higher than the average 14.5 percent increase of new loans for all companies during the period, Jiang said.

HANGZHOU, Sept. 11 (Xinhua) -- Nearly 1,000 graves were damaged in a mud flow that hit east China's Zhejiang Province Saturday after torrential rains, caused by tropical storm Meranti, triggered landslides, a debris flow and delayed flights.However, no causalities have been reported as of 11 p.m. after Hangzhou, capital of Zhejiang, was hit by nine landslides and a debris flow, said Zhejiang flood control officials.After the mud flow damaged 952 graves at the Meinushan Cemetery in Binjiang District, the district government ordered work crews to relocate exposed remains to safe places and reinforce existing graves, said officials.Torrential rains have been pounding the city since 4 a.m. Officials reported that by 7 a.m. the rainfall has reached 232 mm, a rarely seen accumulation in only three hours.In Shanghai, more than 300 outgoing flights, both domestic and international, were delayed for more than 30 minutes as of 5 p.m. at Shanghai Pudong International Airport.However, no flights have yet been canceled, according to airport security staff.Also, inbound flights have not been seriously affected, with fewer than 10 flights being delayed prior to landing, they said.Additionally, flights were not affected at the other civilian airport, Shanghai Hongqiao International Airport.

ISTANBUL, Oct. 9 (Xinhua) -- Chinese Premier Wen Jiabao's four-nation Eurasian tour has scored marked achievements and further deepened China-Europe cooperation, said Foreign Minister Yang Jiechi, who described the visit as "a great complete success."Wen paid official visits to Greece, Belgium, Italy and Turkey and attended the 8th Asia-Europe Meeting (ASEM) and the 13th China-EU summit in the eight days from Oct. 2-9.Yang said Premier Wen's visit is aimed at boosting mutual trust through dialogues and promoting common development through cooperation.During his eight-day visit, Wen took part in more than 70 meetings, events and activities and paid a brief visit to Berlin as a guest of German Chancellor Angela Merkel in the midst of his stay in Brussels.In addition to talking with leaders of the four countries and the European Union (EU), Wen also met with people from the local cultural, industrial and business circles and held joint press conferences or issued joint statements together with the leaders of the countries.Premier Wen vividly presented China's policies and positions, trying different angles, Yang said, which had further improved bilateral relations between China and the four countries and deepened China-Europe ties in the new historic period.